Cash distribution

Cash distribution 2017

Official EUR/USD exchange rate fixed by the European Central Bank (ECB) on April 20th , 2017 1.0745
Ex-date April 24th, 2017
Italian record date April 25th, 2017
US record date April 26th, 2017
Payment date May 2nd, 2017
Deadline for DTC participants for submission of documentation for reduced withholding tax or exemption May 25th, 2017
Portion rate subject to Italian withholding (26%) Euro 0.635 / USD 0.68231
Withholding rate (26%) Euro 0.1651 / USD 0.17740
Net rate subject to variation based on the application of tax treaties and local tax regime Euro 0.4699 / USD 0.50491
   
Where to get information  
For shareholders in DTC - Globe Tax e-mail address italyesp@globetax.com
For shareholders in DTC - Globe Tax phone number  +1-212-747-9100
For shareholders in Monte Titoli – Please contact your own depositary bank, stockbroker or other financial intermediary

Q&A Cash Distribution

Q: Who needs to disclose the information?

A: Each beneficial owner of shares of Ferrari N.V. who holds the shares in DTC.

Q: What I need to do if my shares are held in Monte Titoli?

A: Please contact your depositary bank, stockbroker or other financial intermediary to check the update of all the necessary information.

Q: What information do I need to disclose?

A: Each shareholder of Ferrari N.V. is required to disclose its fiscal residency and the tax basis (i.e. purchase or subscription cost) of its holdings in Ferrari N.V..

Q: How can I disclose the information?

A: Shareholders that hold their shares in DTC are required to fill the Cover Letter and Declaration of tax basis to Globe Tax. Please refer to the attached Notice.
Shareholders that hold their shares in Monte Titoli must contact their own depositary bank, stockbroker or other financial intermediary.

Q: How can I discover if my shares are held in DTC or in Monte Titoli?

A: Please contact your depositary bank, stockbroker or other financial intermediary to retrieve this information.

Q: How can I discover the tax basis of my holdings in Ferrari N.V.?

A: The tax basis is generally the average purchase or subscription cost of the shares. Please contact your depositary bank, stockbroker or other financial intermediary to retrieve this information or to receive the documents to provide such information.

Q: How can I know where my fiscal residency is?

A: Please contact your tax advisor to get advice on your fiscal residency.

Q: What is the deadline to give disclosure of the requested information?

A: Shareholders that hold their shares in DTC must submit the requested information no later than 5:00pm EST on May 25th, 2017 to Globe Tax.

Q: What amount of the cash distribution will I receive?

A: At the payment date (May 2nd, 2017) the cash distribution will be net of the 26% Italian withholding tax, if not eligible for exemption or refund.

Q: What are the requirements to be eligible for exemption or refund?

A: Shareholders must disclose the tax basis of their Ferrari’s shares to be eligible for full exemption or refund of the Italian withholding tax.
Nevertheless Dutch tax residents holding less than 5% of the share capital will be subject to 15% Dutch withholding tax
.

Q: What happens if I do not disclose the requested information on time?

A: The cash distribution will be withheld at 26% Italian withholding tax and no refund will be due.

Q: What happens if I decide not to disclose the requested information?

A: The cash distribution will be withheld at 26% Italian withholding tax and no refund will be due.

Q: When do I get the refund?

A: Shareholders will obtain a refund, that follows the same process of the cash distribution, most likely by the end of August 2017, according to your broker or bank refund policy. Please contact your depositary bank, stockbroker or other financial intermediary for further details.

Q: What happens if I sell the shares in the meantime?

A: Shareholders of Ferrari N.V. at the record date are entitled to receive the cash distribution and the potential refund, if eligible.

Q: What kind of reserves is Ferrari N.V. distributing?

A: The cash distribution is made from share premium reserves. Please contact your local tax advisor for any resulting tax basis.

Q: Who can I contact if I need more information?

A: Shareholders that hold their shares in DTC should refer to the Notice for further information.
Shareholders that hold their shares in Monte Titoli must contact their own depositary bank, stockbroker or other financial intermediary.

For more information please refer to the following Notice